Yes, but it's even better than that. Google Books also supports/uses Adobe DRM (ADE) so even if it does have DRM you can read those books on devices and apps that support DRM. For instance Montano, Alkdio, B&N, Kobo, etc.. support Adobe DRM.

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The Kobo app for Android does NOT currently support ADE. It reads kepub books and drm free ePUB. The one for iOS now does support ADE. The Android App may do so shortly. You can however use the ADE books from Google Play on the Kobo eINK devices.